Which of the following conditions increased the demand for consumer protection? poor housing conditions unsafe working conditions impure food O All of these choices are correct
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- As the manger of the company advice recomded government intervention to the cigarette market?a) If the only goal of a regulator of a natural monopoly firm that charges a uniform price is to ensure that the firm produces the socially optimal level of output, and the regulator has the authority to order the firm to do so, explain why this power could not be exercised when the viability of the firm is taken into account. b) Explain why a regulator, whose sole objective is to ensure that a monopoly firm produce the socially optimal output, would have no need to do anything if the firm were a perfectly discriminating monopoly. c) If the market demand curve is common knowledge for a natural monopoly firm and a regulator, but unlike the firm, the regulator has no information about the firm’s cost curves. Explain how a regulator could incentivize the firm to produce the socially optimal output, bearing in mind that the regulator does not even know which level of output is socially optimal?Pricing with Market Power and Consumer SurplusPat’s Patriotic Tattoosis the only tattoo parlor in town.Pat tattoos only images of the American flag. Thereare 20 consumers whoare willing to buy a tattoo. Each consumeris interested in buying only onetattoo,butthey vary in their willingness to pay. One consumeris willing to pay $20for a tattoo; anotheris willingto pay $19; a third, $18, down to the consumerleast willing to pay whohasareservationprice of $1. The Effects of Price DiscriminationUse the exampleofPat’s Patriotic Tattoos to make some conclusions abouttheeffects of pricediscrimination.8. What happensto consumersurplusif a firm successfully price discriminates?9. What happenstothefirm’s profits if it successfully price discriminates?10. What happensto the quantity supplied by a successful price-discriminating monopoly firm compared with a nonprice-discriminating monopoly firm?11. How doesthe quantity supplied by a successful price-discriminating monopoly firm compare.with the…
- I live next door to an insomniac who plays jazz music every weekendlate at night. It is loud enough to keep me awake, but not loudenough to exceed the legal limit on noise pollution. Using Coasianbargaining I couldSelect one:a. Invest in soundproofing out of my own pocketb. Pay my neighbour not to play music at such timesc. Ask my neighbour to pay me to stay elsewhere at theweekendsd. Seek legal redress Please tell me which awnser is correct for this question thank youSuppode that Japan levies a 40% on pickup trucks and a 20% on engines. The effective rate of protection on pickup trucks: Answer: less than the nominal rate of protection on pick-up trucks. Why is that?What problems does underforecasting demand create?
- PDemand QDemand PSupply QSupply $10 0 $1 2 $9 3 $2 4 $8 6 $3 6 $7 9 $4 8 $6 12 $5 10 $5 15 $6 12 $4 18 $7 14 If the Government creates a quota of 6 units to reduce the consumption of the dangerous product, what will the price of the good be in the marketplace? How much deadweight loss is there? How much of the deadweight loss came from the consumers?What are the three problems that economists have noted with regard to command-and-control regulation?The rows in Table 12.7 show three market-oriented tools for reducing pollution. The columns of the table show three complaints about command-and-control regulation. Fill in the table by stating briefly how each market-oriented tool addresses each of the three concerns.
- As a result of globalization and new information and communications technology, would you expect that the definitions of markets that antitrust authorities use will become broader or narrower?As the extent of environmental protection expands, would you expect the marginal benefits of environmental protection to rise or fall? Why or why not?Consider the case of global environmental problems that spill across international borders as a prisoners dilemma of the sort studied in Monopolistic Competition and Oligopoly. Say that there are two countries, A and B. Each country can cheese whether to protect the environment, at a cost of 10, or not to protect it, at a cost of zero. If one country decides to protect the environment, there is a benefit of 16, but the benefit is divided equally between the two countries. If both countries decide to protect the environment, there is a benefit of 32, which is divided equally between the two centuries. In Table 12.10, fill in the costs, benefits, and total payoffs to the countries of the following decisions. Explain why, without some international agreement, they are likely to end up with neither country acting to protect the environment.
